Amazon has pulled back ~5.8% over the past month despite a robust fundamental backdrop — accelerating AWS AI monetization, Prime Day catalysts on the horizon, and aggressive infrastructure expansion including a $10B Missouri data center campus — suggesting the selloff is driven by macro sentiment and capex concerns rather than fundamental deterioration. The market is overly discounting near-term free cash flow pressure while underpricing the compounding moat of AWS partner ecosystem growth, LTL logistics expansion, and Prime commerce flywheel heading into a seasonally strong period. Entering at $244.39 at the lower end of the established $237–$264 range offers an asymmetric risk/reward as the consensus bear case (capex overrun, margin compression) appears largely priced in.